NCDEX Soyabean under fresh buying: Support seen at 3746
Commodity Online | July 22 2020
UPDATED 11:00:15 IST

MCX Crude Oil under short covering; Support seen at 2876

MCX Silver under long liquidation; Resistance seen at 61260

MCX Gold under fresh selling; Support seen at 50092

NCDEX Jeera under fresh selling; Resistance seen at 14140

NCDEX Turmeric under fresh selling; Support seen at 5844

Technically Soyabean market is under long liquidation as market has witnessed drop in open interest by 1.62% to settled at 37750 while prices down 32 rupees.

Now NCDEX Soyabean is getting support at 3746 and below same could see a test of 3724 levels, and resistance is now likely to be seen at 3804, a move above could see prices testing 3840.

Soyabean yesterday settled down by 0.84% at 3768 tracking weakness in overseas prices as expectations of crop-friendly weather and ample world supplies.

China booked deals to buy 522,000 tonnes of soybeans, the U.S. Agriculture Department said, the latest in a string of purchases by the world's top buyer of U.S. agricultural products.

Another 351,000 tonnes of soybeans were sold to buyers in unknown destinations, the USDA said. U.S. soybean crushing declined for a third straight month in June, but the 1.4% drop was smaller than expected and the total amount was the largest June crush on record, according to National Oilseed Processors Association (NOPA) data released on Wednesday.

NOPA said its members, which handle about 95 percent of all soybeans crushed in the United States, processed 167.263 million bushels of soybeans last month, down from 169.584 million bushels in May but up from the 148.843 million bushels crushed in June 2019.

Brazilian soybean farmers are expected to expand planted area to over 38 million hectares (93.9 million acres) in the season that will kick off in mid-September as demand for the oilseeds remains strong.

In the 2019/2020 harvest, Brazil sowed about 37 million hectares (91 million acres) with soybeans, according to government data, resulting in a record harvest of 120.9 million tonnes of Brazil's most wanted export commodity.

Trading Ideas:
--Soyabean trading range for the day is 3724-3840.
--Soyabean dropped tracking weakness in overseas prices as expectations of crop-friendly weather and ample world supplies.
--China booked deals to buy 522,000 tonnes of soybeans, the U.S. Agriculture Department said, the latest in a string of purchases
--U.S. soybean crushing declined for a third straight month in June, but the 1.4% drop was smaller than expected
--At the Indore spot market in top producer MP, soybean gained  1 Rupees to 3779 Rupees per 100 kgs.

Courtesy: Kedia Commodities

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